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Ripple’s top lawyer celebrates latest SEC setback
Alex Dovbnja
Ripple’s Stuart Alderoty once again highlighted the importance of bipartisan cooperation
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Stuart Alderoty, Ripple’s chief legal officer, did so famous a recent bipartisan vote in the US Senate to eliminate an SEC anti-crypto rule that could pose a major threat to regulatory custody services in the United States.
Alderoty says Securities and Exchange Commission Chairman Gary Gensler’s “unauthorized overreach” will not be tolerated by either party.
AS reported by U.TodaySome of cryptocurrency’s most influential luminaries, including MicroStrategy co-founder Michael Saylor, praised the Senate for voting to rescind the SEC’s controversial SAB 121 guidance.
The rule was supposed to force regulated banking institutions to record their customers’ cryptocurrency holdings on their balance sheets. The industry has contested this rule because it would make it very difficult for banks to offer custody services. Some critics have also noted that it could have a potentially negative impact on the rights of cryptocurrency owners. Even pro-cryptocurrency SEC Commissioner Hester Peirce criticized the agency’s approach to regulating digital asset custodian services as “scattered.”
The cryptocurrency industry and banks have united in their efforts to repeal the SEC’s SAB Rule 121. Banks are against it as it would negatively affect their balance sheets due to the inherent volatility of cryptocurrencies. However, Gensler defended the rule, highlighting the fact that the previous 120 SABs were not questioned.
Alderoty, who keeps tabs on the latest developments on Capitol Hill, did repeatedly stressed the importance of bipartisan cooperation when it comes to cryptocurrency-related bills.
He did it too taken note of recent efforts by US lawmakers to pass a long-awaited stablecoin bill. Ripple is preparing to launch its own stablecoin, which it has already done appeared in the sights of the SEC.
About the author
Alex Dovbnja
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the burgeoning industry, from price analysis to Blockchain disruption. Alex has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets; he can be contacted at alex.dovbnya@u.today.